Iraq Economic News and Points To Ponder Sunday Afternoon 8-24-25
About 80% Of The Currency Is In Iraqi Homes, An Expert Explains.
Economy | 23/08/2025 Mawazine News – Baghdad The economic expert confirmed, Nabil Al-Marsoumi, that citizens retain up to 80% of the monetary mass in Their homes are damaged due to a number of reasons,most notably the crisis of confidence between banks and citizens. Al-Marsoumi said, Statement:
"This crisis has worsened after the Central Bank recently announced the inability of 10 Banks are returning citizens' financial deposits, which is what happened previously with another group of Banks.
He also considered that “Routine is one of the important reasons for citizens’ inability to withdraw Their entire financial amounts are being paid, as banks are dividing them, which is unacceptable.”
Al-Marsoumi added, “Complications, abuse, and difficulty in recovering deposited funds are all things that obscure Citizens, especially merchants and contractors, are urged not to deposit their money in banks.
The expert concluded his speech Emphasizing the "need for banks to develop their dealings with the public to consolidate confidence." "mutual," he said, noting that "the current situation is explained by a loss of confidence in the regime." Banking and complex procedures. https://www.mawazin.net/Details.aspx?jimare=265618
Experts: Rafidain Bank Has Closed The Door To Those Lurking.
Economic 08/24/2025 Baghdad: Hussein Thaghab Shukran Al-Fatlawi Experts believe that the partnership agreement signed by Rafidain Bank with the American company K2 Integrity represents part of a series of international contracts concluded by the bank with American financial institutions aimed at restructuring the bank and developing its electronic and banking procedures.
The bank's general manager, Ali Al-Fatlawi, emphasized that this partnership represents a
"professional and legal bulwark that will block the path of those who are lurking," explaining that
it will establish clear and transparent rules for governance and compliance,
ensuring that "the voice of reform reaches the world, not the voices of deception or politicization."
Al-Fatlawi described the agreement with the international company as a "certificate of integrity and trust" and a clear message that Rafidain Bank is "leading a new path that will place the Iraqi banking sector in its rightful place."
New start
International expert Saif Al-Halfi explained that the importance of the announcement of the signing of the partnership agreement between Rafidain Bank and K2 Integrity in Washington lies in its timing, which coincided with escalating international pressure on the Iraqi banking sector in general, and on government banks, particularly Rafidain Bank.
Speaking to Al Sabah, Al Halfi explained that this step represents a strong response to the unofficial accusations recently leveled against one of the bank's branches, emphasizing that
it lays the foundation for a new beginning through a comprehensive suite of services that relies on the bank's professionalism and efficiency in complying with anti-money laundering and counter-terrorist financing (AML/CFT) standards.
He added that the partnership agreement, from a legal and technological perspective,effectively establishes compliance systems that are compatible with international standards,particularly those adopted by Washington, the international community, and the G7 countries.
He noted that this strengthens the position of the Iraqi banking sector on the global financial system map.
Strengthening the regulatory structure
Al-Halfi added that the essence of the partnership agreement between the two parties lies in
developing international legal frameworks within anti-money laundering systems, while providing the bank with the necessary technologies to implement these frameworks and strengthen its regulatory infrastructure.
This will serve the public dealing with Rafidain Bank, the first government-owned bank established in the country and a cornerstone of banking operations.
Al-Halfi pointed out that Money laundering and terrorist financing
the contract focused on specific concepts, most notably enhancing anti-money laundering and counter-terrorism financing (AML/CFT) measures, explaining that Iraqi banks are in dire need of designing and implementing more effective frameworks and procedures that rely on automation and high accuracy.
He explained that the agreement also includes enhancing the efficiency of the bank's internal reporting and oversight, as some of these systems were previously unable to perform their role with the required effectiveness.
Compliance with international standards
Al-Halfi explained that the purpose of the partnership agreement is to align local policies, regulations, and Iraqi laws with international standards, noting that the agreement includes the highest levels of governance regarding internal controls, risk management, and reporting.
More comprehensive banking reform
The international expert believes the contract will contribute to strengthening the regulatory structure of the Iraqi banking sector, as internal oversight is the true foundation for evaluating banking operations.
He emphasized that K2 Integrity's expertise will positively impact not only Rafidain Bank,but all Iraqi banks as part of a broader government reform process aimed at restructuring the financial sector and enhancing the international community's confidence in it.
Open work paths
Financial affairs expert Dr. Mustafa Akram Hantoush told Al-Sabah that the reforms taking place at Rafidain Bank are extremely important, noting thatthe bank's contract with the international company K2 is a qualitative step.
He said that this contract will expand Rafidain Bank's work paths internationally, and this move distances it from the stagnation that negatively impacts a bank of this size, as it has 100 branches inside Iraq and 9 abroad.
He added that this cooperation with a global company will inevitably achieve positive results and enable the bank to open an account in one of the largest global banks, which signifies a new phase of international cooperation.
Improving banking foundations
In a related development, financial expert Sherwan Anwar Mustafa told Al-Sabah that Rafidain Bank is among the Iraqi banks seeking to improve its banking foundations and international reputation. He explained that Rafidain Bank is a key partner of IQ, which is a strategic partner allied with K2.
Mustafa added that the gateway to international confidence in Iraqi banks could stem from such a solid partnership or cooperation,sending reassuring messages to the international financial sector.
He explained that Iraq is entering a new phase of banking operations that will transform it into a truly open country to global financial efforts, where all financial standards applicable to money movements will be implemented, thus making our banks part of the global financial system. https://alsabaah.iq/119383-.html
Association Of Banks: Payment Points Increased To 60,000, And More Than 18 Million Electronic Cards Were Issued.
Today, Baghdad - INA - Wissam Al-Mulla The Iraqi Private Banks Association announced on Sunday the
issuance of more than 18 million electronic payment cards across the country, while noting that the
number of payment points has increased to approximately 60,000.
Ali Tariq, executive director of the Iraqi Private Banks Association, told the Iraqi News Agency (INA),
"The issuance of electronic cards in the country is witnessing a significant increase, particularly following government decisions to promote electronic payments and oblige government and private institutions to collect electronically."
He explained that "the number of cards issued has exceeded 18 million in Iraq, while the
number of electronic payment points has increased from 7,000 to approximately 60,000,
with further increases expected in the coming period." He added,
"Banks continue to support various projects," explaining that "financial ceilings for small, medium, and large projects are determined by each financial institution based on the nature of the project, its capital, and the number of employees." https://ina.iq/ar/economie/241710-60-18.html
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